The post Major but Overlooked Shift Happening in Crypto: 10x Research appeared com. Key Notes The crypto market has lost $400 billion in market cap over the past 30 days. Analysts say data points to a setup for the next DeFi cycle, not a downturn. Many see the recent drop in OI as a sign of a healthy market structure. The crypto market has recently faced major volatility, shedding nearly $400 billion in total market cap over the past month. Investor sentiment has plummeted, with the market sentiment hitting fear levels. Yet, according to 10x Research, the data tells a more optimistic story. In a recent report titled “Is This the First Chapter of the 2026 DeFi Cycle?,” 10x Research explained that the market is now quietly preparing for its next major growth phase. Foundations for a New DeFi Era While surface-level market trends appear stagnant, on-chain metrics, such as user-driven transactions, suggest that a new DeFi expansion is near. The GENIUS Act has already passed into law, with the Market Structure bill expected to follow. At the same time, Ethereum-based stablecoin issuance has surged by $48 billion since the recent US election. This has dramatically outpaced Tron’s $15. 8 billion growth after years of parallel performance. However, this inflow has not yet been mirrored in prices. Analysts believe this silent capital buildup suggests early positioning for the next bull run, not a false start. Such structural accumulation generally leads to significant upswings in decentralized finance (DeFi) activity. Notably, in Q3 2025, the global DeFi market cap rose by over 40% QoQ, reclaiming dominance in the crypto sector. Moreover, the total value locked (TVL) across all DeFi protocols reached roughly $135. 28 billion at the time of writing, up 40 % in the past year. The report also notes that on-chain metrics, such as user-driven transactions, are offering clearer signals than short-term price movements. If.
